Information Technology (IT) primarily involves collection and exchange – as well as archival, analysis and processing – of information through complex distributed networks. This information-centric nature of information technology makes it very well-suited for financial systems and transactions. All financial transactions are usually based on, or generate, information.

Online Banking and Transactions

Online banking – as well as other financial and commercial transactions – have become extremely relevant in today’s society. The sensitive and critical nature of financial transactions has led to the banks and other financial institutions to take the lead in the adoption of the latest security and privacy technologies, as well as the latest information collection, processing and transmission technologies. Billions of financial and commercial transactions are conducted across the world daily. This requires more efficient and higher bandwidth networks. It also requires more complex software tools and processing power by each passing year. The competitive edge offered by secure and efficient information networks to financial institutions has made information technology vital for their successful operation.

Ensuring a Global Reach

“Information technology networks have dramatically boosted the reach of traditional financial institutions and processes,” said Adam B. Claude of OAC Technology: Minneapolis IT consultants. “Modern financial markets function as an integrated global whole and the ups and downs in one corner of the world are immediately reflected in other corner of the world often within a matter of seconds. The successful operation and management of financial processes with a global scope requires access to the latest information technology tools such as high bandwidth networks and advanced databases.”

Harnessing Social Media

Social media platforms have opened an entirely new world of possibilities for financial institutions of all sizes. Social media gives institutions and businesses unprecedented direct contact with their prospective customers. This enables savvy financial institutions to significantly increase their visibility and dramatically reduce their marketing costs. Many financial institutions harness the incredible demographic reach of social media for competitive advantage by using advanced information technology tools for processing vast amounts of social media data to generate leads and trends.

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The Significance of Information Technology (IT) in Finance
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